Covenant Reports First-Quarter Loss

Covenant Transportation Group reported a first-quarter loss, citing difficult weather conditions and fewer business days than the prior period.

Its loss was $2 million, or 13 cents per share, compared with a loss of $600,000, or 4 cents, a year ago.

Its operating loss was $700,000, compared with operating income of $2.4 million a year ago.

Revenue increased 4.9% to $164.7 million, while freight revenue rose 5.9% to $129.1 million.

The quarter had two fewer business days due to the leap year in 2012 and an early Easter this year, Covenant said.

Covenant Transportation Group is ranked No. 40 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.